Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Operating activities    
Net income (loss) $ (3,277) $ 5,278
Adjustments to reconcile net income (loss) to net cash provided by operating activities    
Depreciation and amortization 4,485 3,109
Amortization of deferred financing costs and debt discount 303 183
Stock-based compensation 1,350 1,213
Provision (benefit) for losses on accounts receivable 128 (9)
Deferred income taxes 773 642
Earnout liability   66
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable 36,596 38,751
Inventories (27,489) (22,145)
Prepaid assets, refundable income taxes and other assets (5,114) 3,432
Accounts payable (2,168) (4,305)
Accrued expenses and other current liabilities (1,596) (8,640)
Benefit obligations and other long-term liabilities 282 976
Net cash provided by operating activities 4,273 18,551
Investing activities    
Capital expenditures (1,306) (1,165)
Net cash used in investing activities (1,306) (1,165)
Financing activities    
Shares withheld on restricted stock vesting paid for employees' taxes (923)  
Payments of financing costs (932)  
Earnout payment (5,487)  
Dividends paid (5,495) (5,361)
Repayment of long-term debt (789) (475)
Net cash provided by (used in) financing activities (13,626) (5,836)
Change in cash and cash equivalents (10,659) 11,550
Cash and cash equivalents at beginning of year 18,609 36,844
Cash and cash equivalents at end of year 7,950 $ 48,394
Non-cash operating and financing activities    
Truck chassis inventory acquired through floorplan obligations $ 12,247